CHINESE leadership opened the annual economic work meeting yesterday, drawing plans for 2018 with a target of high-quality growth while minimizing financial risks.

The Central Economic Work Conference will review the economic work of the past five years and make policy priorities for 2018 with a focus on implementing the decisions from the 19th National Congress of the Communist Party of China.

Observers believe that the decisions to be made at the meeting will reflect China’s new development concept featuring high-quality development.

The event is being closely watched as it marks the first economic work conference since the 19th CPC National Congress was held in October, at which the leadership declared China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development.

The work for the next year will also be aimed at helping improve people’s living standards, building a housing mechanism with lasting effects, and supplying more high-quality ecological products.

Language on monetary and fiscal policy will be under scrutiny for even minor changes. China set the tone of its monetary policy in 2017 as prudent and neutral, keeping appropriate liquidity levels but avoiding excessive liquidity injections.

In the lead-up to the meeting, the Political Bureau of the CPC said the country will seek solid progress in curbing major risks, eradicating poverty and controlling pollution, the “three tough battles” for 2018.

China’s GDP expanded 6.9 percent year on year in the first three quarters, above the government’s target of around 6.5 percent for this year.

The economy has shown structural improvements, with new models contributing more than 10 percent to the economic growth, and the growth rate of residents’ income outstripping the overall economic growth.

Backed by China’s better-than-expected growth, the International Monetary Fund (IMF) has revised up its forecast for the fourth time this year, to 6.8 percent for 2017 and 6.5 percent for 2018.

The world’s second-largest economy, however, still faces a complicated global environment and domestic structural conflicts, potential risks in the financial system, and disparities by industries and regions.

Over the past four years, China’s economy has expanded by an average annual rate of over 7 percent, outstripping the 2.6-percent average global growth and the 4-percent growth of developing economies.

It contributed over 30 percent of global economic growth, and is seen as powerhouse and anchor of the global economy.(Xinhua)